Bitcoin (BTC) experienced a drop below $70,000 on April 9 as the initial excitement from the weekly close faded away. The BTC price showed a downward momentum before the Wall Street Open, with the day’s lows reaching $69,635 on Bitstamp, representing a 4.3% decrease compared to the previous day’s high. The short-term sentiment also appeared to be uncertain.
Bitcoin ETFs faced challenges on this “very slow” day. The US spot Bitcoin exchange-traded funds (ETFs) received minimal capital, and combined with a $300 million outflow from the Grayscale Bitcoin Trust (GBTC), the net flows for the day were predominantly negative. Data from sources, including UK investment firm Farside, indicated net outflows of just over $200 million. Despite this, the two largest ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), managed to avoid losses and maintained a streak of inflows.
Although market participants anticipated improved net flows following Genesis’ announcement of its multibillion-dollar offloading of GBTC shares, resulting in the purchase of BTC, the day saw slow ETF flows considering the price action.
As for short-term BTC price action, traders were on the lookout for signs of an upward reversal. Trader Crypto Ed, who initially set a target of $80,000 for the week, identified $73,000 as the first level of interest for upward continuation. Another trader, Jelle, referred to the day’s return to near $69,000 and suggested a second attempt by bears to push prices lower. Additionally, a breakout target of $82,000 was maintained by some traders. However, others, like trader and chartist Credible Crypto, remained cautious and reiterated their theory of a potential BTC price dip to $60,000 or lower.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.